British Land acquires three London warehouses
British Land has exchanged on the acquisition of three warehouses in London’s Wembley for £157 million.
The properties on Hannah Close comprise over 245,000 square feet of space on a 12.5 acre site and are fully let to Amazon, Euro Car Parts and the North London Waste Authority.
In a statement, the company said the warehouses will provide a medium term opportunity to deliver a multi-storey, urban logistics hub for central and west London, where supply is highly constrained.
Simon Carter, chief executive of British Land, said: “This acquisition is another example of the strong progress we are making against our strategy to address the chronic shortage of urban logistics space in central London via intensification and repurposing. Wembley is ideally located for vehicles coming into London and subsequently out for delivery with excellent access to affluent parts of the capital.”
The acquisition follows other London purchases by the company in Enfield, Thurrock and Finsbury Square and brings the total gross development value of British Land’s urban logistics pipeline to over £1 billion.
